According to FMI, the Europe polybutylene succinate market is anticipated to achieve a robust Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period from 2023 to 2033. Europe’s petro-based PBS (Polybutylene Succinate) demand is poised for a significant transformation, with consumers increasingly favoring bio-based PBS as a more environmentally sustainable option. This shift in preference is driven by growing environmental awareness and the desire for eco-friendly alternatives.
In addition to this, the burgeoning healthcare and agriculture sectors in Europe are set to play a pivotal role in propelling the PBS industry forward. The demand for lightweight automotive components is also on the rise due to increasing vehicle production in the region, which is expected to stimulate expansion in the automotive industry.
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The future of the PBS market in Europe is promising, as the dual forces of bio-based PBS adoption and automotive industry expansion work in tandem to drive growth. This industry outlook underscores the region’s commitment to sustainability and innovation, as it transitions towards more eco-conscious materials while fostering economic development across various sectors.
Polybutylene succinate (PBS), also known as polytetramethylene succinate, which is a biodegradable thermoplastic polyester resin synthesized by the way of polycondensation of succinic acid with 1, 4 butanediol. Polybutylene succinate is extensively used in various end-use industries such as packaging, biomedical, agriculture, and more.
The increasing demand for lightweight automotive components is expected to boost the growth of the Polybutylene Succinate market during the forecast period. Moreover, the burgeoning plastics industry is anticipated to fuel the overall PBS market.
However, the succinic acid and 1,4-butanediol are polybutylene succinate monomers that are produced by feeding oil. The changing price of monomers is estimated to constrain the advancement of the Polybutylene Succinate market during the forecast period.
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Which are Some Prominent Drivers Influencing Polybutylene Succinate Market Growth?
Polybutylene succinate is a biodegradable polymer, as such, the growing demand for biodegradable polymers across the globe is predicted to in turn result in a steady growth of the polybutylene succinate market. In addition, the growth in adoption for agricultural applications, such as for mulch films, is anticipated to set the pace for growth of the polybutylene succinate market. Furthermore, the increase in end-use industries including the packaging industry is expected to bolster the growth of the polybutylene succinate market during the forecast period.
Rising demand for innovative packaging especially for attracting a large number of consumers is anticipated to be a major factor in the rapid growth of the Polybutylene Succinate Market. Moreover, an increasing demand for lightweight automobile components is also expected to fuel the growth of the Polybutylene Succinate Market.
There has been an increase in the demand for polybutylene succinate to produce important electrical and electronic components, which in turn is expected to accelerate the growth of the Polybutylene Succinate Market. The growing plastic industry is expected to foster the overall demand for polybutylene succinate during the forecast period.
Polybutylene succinate is often blended with natural fibers like switchgrass (SG) for applications in automotive products. Such novel composite materials are touted as potential bio-based alternatives to conventional petroleum-based plastics in the automobile industry because of which they are considerably used in automotive manufacturing. This factor is anticipated to augment the Polybutylene market.
Market Competition
Some of the key participants present in the polybutylene succinate market include Mitsubishi Chemicals, Showa Denko K.K, PTT MCC Biochem Co., Ltd., SK Chemical, Kingfa Science & Technology Co., Anqing Hexing chemical Co., Ltd. among others.
Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as nap-on Inc and ETIAS account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
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Key Segments Profiled in the Polybutylene Succinate Market Industry Survey
Polybutylene Succinate Market by Type:
- Bio-based
- Petro-based
Polybutylene Succinate Market by Application:
- Mulch Films
- Packaging
- Medicine
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